1. Privacy and Online Banking Stu Woollett Head of E-business, Westpac 30 March 2006

2. Privacy and Online Banking2 What happened? A ‘man in the middle’ exploit Categorised as ‘Spyware’ No intention to commit fraud Customers unaware

3. Privacy and Online Banking3 How did it work? User installs software they believe to be useful The software steps in between bank and user It then records the session details Interloper describes it as ‘researchware’

4. Privacy and Online Banking4 We had to intervene The software hid from users and was difficult to uninstall Customer details could have been compromised The company had no intent to defraud But customers not willing participants

5. Privacy and Online Banking5 What did we do? Block sign in Letters to all affected customers Expire passwords Warning into Online Banking Instruct how to clean your PC And more…

6. Privacy and Online Banking6 What was the result? A strong message from the New Zealand banking industry A positive response from customers Three months later the company changed its method of operation A safer online environment worldwide